Remitly makes move toward $5B New York IPO

The FinTech startup Remitly is taking steps toward an initial public offering (IPO) in New York that could give the remittance platform a $5 billion valuation, WTBV reported, citing sources.

Remitly has partnered with investment banks — Goldman Sachs, J.P. Morgan Chase and Barclays — to move the IPO process forward. The firm itends to file before the end of the year. The Seattle, Washington company was valued at $1.5 billion in a July funding round.

Remitly, which was founded in 2011, has the backing of Generation Investment Management as well as Amazon’s family office and PayU, a division of Prosus NV, the article indicated.

“We’re focused on creating a strong, sustainable business, serving customers and fulfilling our vision,” Remitly said in a statement, per WTBV.

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Source: Remitly Makes Move Toward $5B New York IPO  | PYMNTS.com